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When to get a business partner

  Starting and running a business can be a lot more fun when you're working with someone you like and respect. With a partner, you have someone to share the excitement and risks of running a company; someone to bounce ideas off of; to help shoulder the financial and work-load burden. But partnerships have perils. Over time, partners are likely to have disagreements, resentments, changing goals and lifestyle choices. Partners may also have conflicts about how to spend money, who to hire, which direction to take the company. When partners don't get along, the business inevitably suffers. Before you get into a partnership, be sure to: Have an in-depth conversation with your partner Some issues you should thoroughly discuss include: What is the ownership division and who owns what percent? What jobs/responsibilities does each partner have? How will serious disputes be resolved? Draw up written partnership agreement Once you've discussed all the key issues, approach an attorney